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Oct. 30, 2013

Northstar Commercial Partners Acquires 21-Acre Pad Site Development Near Denver

By Gabriel Circiog, Associate Editor

Denver-based Northstar Commercial Partners recently announced that a limited liability company, created by Northstar, has purchased a 21-acre, pad-ready parcel of land located at 18475 West Colfax Avenue in Golden, Colo. Northstar acquired the property for $2.7 million on Oct. 21.

The partially completed land site development features high traffic counts due to its proximity to Red Rocks Amphitheatre and its high visibility from Interstate 70 and Highway 40. The site is also adjacent to the Dinosaur Park’n’Ride lots. Up to now more than $10 million has been invested in land, infrastructure and utilities. Northstar has informed that it has already received several purchase offers for various pad sites.

“We are excited to put the asset back into production, as we think the location will drive a lot of demand to benefit the local area and Colorado in general,” says Brian Watson, Founder and President of Northstar Commercial Partners.

The development project, dubbed the Gateway Village retail and commercial center, has parcels under contract for sale to a quick-serve restaurant complex and a veterinary clinic. The company has also received letters of interest from developers proposing the construction of a gas station and a hotel with a Red Rocks theme.

In other local real estate news, Transwestern’s Denver office recently announced it brokered the acquisition of a 75,330-square-foot Cabela’s retail store for Nursery Acres L.P. The outdoor recreation retailer sits on a 6.76-acre lot located at 2424 Highway 6 in Grand Junction, Colo., in the Mesa Mall. The buyer was represented by Transwestern Managing Directors Brad Cohen and Larry Thiel. The seller, Macerich Mesa Mall Holdings LLC., was represented by Faris Lee.

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Logo Courtesy of: www.northstarcp.com

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